Last updated: January 16, 2024
Last updated: January 16, 2024
The RRSP deadline for 2023 is February 29, 2024.
Why contribute before the deadline? RRSP contributions made before the deadline can help lower your taxable income, which may result in a tax refund after you’ve filed your 2023 taxes.
What if you miss the RRSP deadline? You can still make RRSP contributions, but your contributions won’t be tax-deductible for your 2023 return. You will have to wait until you’ve filed your 2024 taxes.
Table of contents:
Your maximum RRSP contribution limit for 2023 is |
18% of your earned income from the previous year OR $30,780 whichever is lower. |
---|---|
Age when you can no longer contribute to an RRSP is the end of the year you turn
|
71 |
There is an RRSP deduction limit that determines how much you can contribute to an RRSP. You’re allowed to contribute up to 18% of your previous year’s earned income, up to a maximum amount set each year by the Income Tax Act and Regulations. You can also carry forward any unused contribution room from previous years.
Year |
RRSP contribution limit |
---|---|
2024 |
$31,560 |
2023 |
$30,780 |
Year | RRSP contribution limit |
---|---|
2022 | $29,210 |
2021 | $27,830 |
2020 |
$27,230 |
2019 | $26,500 |
2018 | $26,230 |
2017 | $26,010 |
2016 | $25,370 |
2015 | $24,930 |
2014 | $24,270 |
2013 | $23,820 |
2012 | $22,970 |
2011 | $22,450 |
2010 | $22,000 |
How much RRSP room you have can depend on several factors including:
Learn more about how much you can contribute to an RRSP
The recommended way to determine your RRSP contribution limit is to review the Notice of Assessment (NOA) that the Canada Revenue Agency (CRA) sends to you each year. The NOA is sent to you after processing your tax return. Your contribution room will subtract any pension amounts you contributed last year and add any unused contribution room from previous years.
You can also sign in to your CRA account to view your limit on your Notice of Assessment
An excess contribution or over-contribution occurs when you contribute more to your RRSP (or spousal RRSP) than your deduction limit.
Note: if you don’t remove the overcontribution from you RRSP within the year, it will reduce the amount you can contribute the following year.
Under the Income Tax Act, there’s no minimum age for contributing to an RRSP – if you have available contribution room .
However, your age can mean there are some restrictions to how you contribute or use an RRSP:
Connect with a Sun Life advisor for more detailed information
The end of the year you turn age 71 years old is the last day that you can contribute to any RRSP that you own. After that day, you can no longer own an RRSP, much less contribute to one.
However, you may contribute to your spouse or common law partner’s spousal RRSP if they’re a year or more younger than you, until the end of the year they turn age 71 (this is provided you have available RRSP contribution room).
Start contributing to an RRSP today
Already have an RRSP with Sun Life?
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Available self-serve features depend on your account, contract or policy.
Anyone who can open an RRSP can make an RRSP contribution - until the end of the year they turn age 71.
Non-residents of Canada: If you have unused RRSP contribution room from the period prior to becoming a non-resident, you can still open an RRSP and make a contribution. If you are a non-resident of Canada, talk to a tax specialist to determine if contributing to an RRSP makes sense for you.
You have a couple of options if you don’t have the cash on hand to contribute the full amount you’re allowed:
You're allowed to carry forward any unused contribution room indefinitely. It simply gets added to next year’s RRSP contribution limit.
Talk to a tax specialist to determine how best to contribute to an RRSP.
If you have contribution room, you can contribute at any time – either in a lump sum or by making periodic contributions throughout the year.
Contributions made in the first 60 days of the year can be used towards the previous year’s or current year’s contribution amount. The date usually falls around the end of February or beginning of March of the following year.
Get RRSP contribution advice from Sun Life
Read more about RRSPs on Sun Life